Page 4 Advertisements Column 1

West Coast Times, Issue 3889, 24 September 1881, Page 4

Prospectus. j ABRIDGED PROSPECTUS 1 OP THB ( EAST COAST NATIVE LAND AND ( ►SETTLEMENT CO. (LIMITED ) , Capital,' £soo,ooo, in 100,000 shares of £6 each; whereof 70,000 will be allotted to tbe Aboriginal Native Contributors of Land, called " Original Shares," and 30,000 to European subscribers of capital, and called " Capitalist Shares." First issue of Capitalist Shares 20,000, payable at follows :— fison application, 6u on allotment ; mbsequent calls, if they are required, not to exceed fis each, nor to be made at intervals of less than three months. Phovisional Dibectoes. Hon. H. E. Russell, M.L.C, Bawke's Bay Hon. W. H. Reynolds, M.L.C, Dunedin John Barraclough, Esq., Oaraaru Horace Bastings, Esq., MH.R., Dunedin F. H. D. Bell, Esq., Wellington C, A. De Lautour, Esq., M.H.R., Gisborne G. Fenwick, Esq., Dunedin Allan Macdonald, Esq., M.H.R., Gisborne D. H. Mackenzie, EEq., Auckland F. J. Moss, Esq., M.H.R , Auckland Wiremu Pere, Native Chief, Gisborne Henare Potte, Native Chief Tokomarau Bay J. B. Poynter, Esq., Gisborne D. Proudfoot, Esq., Dunedin Montagu Pym, Esq., Dunedin G. M. Reed, Esq., Gisborne W. L. Rees, Esq., Gisborne R. H. J. Reeves, Esq.,M.H.R., Nelson Major Ropata, Native Chief, Tokomarau Bay B. Stout, Esq.; Dunedin W. H. Tucker, Esq., J. P., Gisborne R. Wilson, Esq., Dunedin John Buchanan, Esq., Napier J. S. M. Thompson, Esq., Wellington B. C. Reid, Esq., M.H.R., Hokitika H. C. Robjohns, E*q., Napier 0. A. Pritcbard, E»q., Christchurch T. M. Dargaville, Esq., Auckland Joseph Bennett, Esq., Auckland i William Coleman* Esq., Auckland Solicitobb : Wellington— Messrs Sievwright & Stout. Gisborne— W. L. Eees. Barkers : The Colonial Bank of New Zealand. Bbokbhs and Aobnts ; Dunedin — Christchurch— T. B. Craig. Wellington-— Lidbetter & Cooper. Auckland— Oamaru — Joseph Booth. Hokitika— Wade & Spence. Greymouth— G. W. Mobs. Hon. Secbbtaby: F. J.Moss, M.H.E., Wellington. The following is an epitome of the objects of tbe Company as detailed in tbe Prospectus, which may be obtained from the Brokers aud st tbe various Branches of the Colonial Bank :— The object of the Company is the Voluntary Association of the owners of Native Lands with European Capitalists, for the purpose of promoting settlement on the lands on the East Coast of tha North Island of New Zealand. This is intended to be attained by tbe Native Owners contributing blocks of land at original or unimproved values, receiving paid-up shares in tbe Company for the same ; the European Shareholders contributing capital to be called up in fixed and limited amounts as may be found requisite for conducting the operations of the Company. It is intended that the cash capital raised shall be employed in defraying expenses of management, completing title?, effecting surveys and subdi visions into farm and township lots, opening means of access, conducting the sale and leasing of lands, promoting the formation of Special Settlement parties from En-land and else' where, making advances to settlers on security, and generally in utilising tbe }inds and property vested in tbe Company to the best advantage. The Company is at present registered under the Joint Stock Companies Act, with a nominal capital of £25,000, by tbe , prometers, who finding it necessary to increase their operations, transfer their interests to the extended proprietary, retaining 1000 paid-up Capitalists and 1000 paid-up Original Shares in the Company. The Government having abandoned the purchase of Native Lands, tbe Native owners in tbe Poverty Bay and East Coast districts being strongly desirous of opening tbeir lands for settlement, in a manner mutually beneficial to themselves and such Europeans as may be desirous of becoming associated with them on tbe principles proposed in the Prospectus, have, after making provision for their own requirements, entered into contracts for passing over large areas of valuable land to the Company, at prices based on those ot former Government purchases, receiving shares in payment for the same. It is anticipated that the Company will be able to dispose of its lands to great advantage, as under its control, and with its guarantee, title will be absolutely good, while all land purchased will be at once placed under the Land Transfer Act, and will be sold from time to time for cash, or on long deferred payment, and generally in accordance with the regulations guiding the disposal of tbe Waste Lands of tbe Crown. The Capitalist Shares will be preferential, having secured to them a minimum of eight per cent, per annum as a first charge on the profits, with a further division of profits in proportion to tbe capital nvested. Five Directors will be elected by the Capitalist Shareholders, and four by the Original Shareholders, the qualification of a Director heing the possession of not less than fifty shares. The Capitalist Shareholders will, under regulations, be entitled to purchase Lands ot the Company for tbeir own bonafide occupation surrendering their shares in payment, which shall be accepted as value for ten per cent over tbe amounts paid up. The Native Shareholders will also be entitled, under regulations, to select reserves for their own occupation, .«nrrendering their shares ia payment. Ten thousand shares will be set apart for sale in Britain to intending bona fide settlers; and an officer of the Company will be located in England to send out Special Settlement Parties for the Company's and.s To prevent the improper diversion of the Natives' interests, original shares given in the pnrcbase of Lands will not be transferable without tbe consent of a Native Committee, and tbe approval of tbe Directors. On these principles it is believed that formation of the East Coast Native Land and Settlement Company will provide for the Natives tbe readiest and most beneficial